Wednesday, 1 July 2015

Daily Index Cycle update

US equity indexes closed moderately higher, sp +5pts @ 2063 (intra high 2074). The two leaders - Trans/R2K, settled higher by 0.6% and 0.1% respectively. Near term outlook is uncertain, with hourly cycles threatening further upside, against broader downside.


sp'daily5



Trans



Summary

*Trans looks pretty dire on the bigger daily/weekly cycles.. 8000.. or even the 7700s remain a viable target in the near term.
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Suffice to say, the sp'500 saw a bit of a choppy day, opening higher.. cooling to 2056, but then a rather typical afternoon ramp to 2074. The closing hour was messy... with some natural 'end month' trading issues.

Broadly, it would seem the market is going to either hold the 2050s... or see a more sig' break lower to the giant 2K threshold. The next 3-4 trading days should remain pretty dynamic.

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Closing update from Riley



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a little more later...